Comments on: Last Minute Flexible Spending Account Ideas

By: ernesto

ernesto — Fri, 09 Jan 2009 15:49:42 +0000

But you get reimbursed for most of the purchases made through a FSA. So, it’s hard to waste anything.

Just look at your plan providers list of eligible items. Or IRS publication 502, and then go shopping.

By: Jeff

Jeff — Wed, 23 Nov 2005 13:03:21 +0000

I bet most companies are making a killing on this, unless there is a high turnover rate.
Where I work I bet the surplus is unbeleivable

By: Jeff

Jeff — Wed, 23 Nov 2005 13:00:58 +0000

I will never do a spending account again. “Waste it” or loose it, it SUX that the Flex spending account can not be rolled over. I will waste more trying to spend it this year than I will save on taxes. Another problem is this could encourage people to put off necessary surgery till the next year to get the tax benifit.

By: fivecentnickel.com

fivecentnickel.com — Tue, 09 Aug 2005 19:54:05 +0000

How Flexible Spending Accounts SHOULD Work
The use-it-or-lose-it provision of tax-exempt flexible spending accounts really, really irks me. I just dont get why it is that unspent money should be forfeited at the end of the year. Why should honest, hard-working people be pe…

By: jim

jim — Sun, 03 Jul 2005 23:37:33 +0000

It’s part of doing business, they aren’t obligated by law to offer FSA’s and many don’t and it pales in comparison to how much they probably kick in for your healthcare plan.

By: nickel

nickel — Sun, 03 Jul 2005 21:20:41 +0000

Thanks for the response… I’ve actually taken advantage of the ‘cash it out and leave your job’ angle in the past. I profited about $2000 and felt guilty about it for quite awhile as I never knew this is the way it’s supposed to work. I also didn’t ask because I didn’t want to come clean and pay that money back. Glad to hear I didn’t do anything shady, even though I thought that I did.

By the way, I bet most employers still come out ahead.

fivecentnickel.com

By: jim

jim — Fri, 24 Jun 2005 21:52:44 +0000

Your employer gets them, it balances out for people who spend their entire yearly balance and then leave the job. You can spend the FSA money before you actually contribute it, for example:

You elect to contribute $1200 per year, $100 a month. In the first month, you do a lasik procedure that costs way more than $1200, request reimbursement, and it is approved. In the second month, you quit. You are not responsible for the contributing the other $1100… so the money people lose is to offset that.

By: nickel

nickel — Fri, 24 Jun 2005 21:18:52 +0000

I've always wondered who gets the money when you forfeit it? The IRS? Your employer? Or the plan administrator? fivecentnickel.com